Monday, August 28, 2017

Tampa Bay Industrial Portfolio Trades for $16.1 Million

Douglas K. Mandel
 TAMPA, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of the Tampa Bay Industrial/Flex Portfolio, a two-business park portfolio consisting of Airport Corporate Center in Tampa and Bay Tec Center in St. Petersburg.

The assets feature 14 prime, light-industrial/flex buildings totaling 231,867 square feet. The portfolio sold for a total of $16,097,500.

Douglas K. Mandel, senior managing director, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, an office and industrial property investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of Calare Properties, a private Massachusetts-based real estate investment firm and operator. 

The IPA team also procured the buyer, Avistone, a real estate investment firm based in Laguna Niguel, California.

In 2017, the IPA Team of Mandel and Hanson also represented the sale of Palm Lake Office in Tampa, Vology Corporate Headquarters in Clearwater and the BMO Bank Building in Bradenton.  “The Tampa Bay market is a core market for our Team”, states Mandel.  “We are seeing a significant amount of investor interest in the market from both South Florida as well as out-of-state capital”.  

Nicholas Hanson
The Bay Tec Center was built in 1985. It is located within the Gateway/Mid-Pinellas industrial submarket at 2810-2880 Scherer Drive North in St. Petersburg, near Roosevelt Boulevard and Interstate 275. 

The office park features two dock-high small bay/flex distribution spaces and six grade-level flex/office service center buildings.

The Airport Corporate Center was built between 1982 and 1984 and is located within the Westside/Airport submarket along the east side of Veterans Expressway at 6702-6712 Benjamin Road in Tampa. 

The office center features two dock-high small bay flex space buildings and four grade-level flex/office service center buildings, two of which have frontage on Benjamin Road.

For more information on this news release, please contact:

Ryan Nee, Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400

George Smith Partners Appoints Two New Vice Presidents, Allison Weiss and Dana Light, to Bolster Firm’s Growth and Expansion

Allison Weiss

LOS ANGELES, CA (Aug/ 28, 2017) – Commercial real estate investment banking firm George Smith Partners has announced two new additions to its team, Allison Weiss as Vice President/Director of Platform Development and Dana Light as the Vice President of Research/Marketing.

Both Weiss and Light will work to increase the velocity of the firm’s ongoing growth and expansion, according to Principals and Co-Managing Directors Jonathan Lee and Shahin Yazdi.

 “These two new appointments reflect our focus on growing our platform in the markets we serve, as well as our objective to serve more clients across a broader geography throughout the country,” says Lee. 

Yazdi agrees, noting that during this rapid growth, the firm’s current clients and team remain top priorities.

“The addition of these two new team members, who are highly regarded in our field, will serve the dual purpose of accelerating our growth while also upholding our current strength in the marketplace,” Yazdi explains.  “As highly ethical professionals, we deliver quality to our clients, support our communities philanthropically, and work in partnership with our colleagues.”

Dana Light

 Allison Weiss - Vice President / Director of Platform Development

In her newly created role, Weiss will be responsible for recruitment and hiring on a national basis.  She will also spearhead George Smith Partners’ brand development and positive company culture to ensure strong employee retention, enabling the firm to maintain its competitive position in the current market.

“Allison’s expertise in sourcing talent and cultivating relationships with clients will be instrumental in helping us to attract top talent in key locations and open new offices in the near future,” says Lee.

Prior to George Smith Partners, Weiss served as a National Recruiting Manager for Marcus & Millichap Capital Corporation (MMCC) where she directed recruitment, project management, marketing and public relations, presentation development and execution, and corporate operations.

Jonathan Lee

Weiss, who notes that George Smith Partners’ unique platform attracted her to the firm, explains, “George Smith Partners’ entrepreneurial culture and reputation as one of the leading real estate investment banking firms in the nation immediately drew me to this opportunity. I look forward to building upon this legacy by attracting and retaining the best employees and clients, while upholding the strict standard of excellence that is already in place at this top-notch firm.”

Dana Light - Vice President of Research/Marketing

In her new position, Light will focus on researching responsible lenders and lending programs for George Smith Partners. This work will support the firm in upholding its exemplary reputation, which was established by George Smith when he founded the company 25 years ago.

Shahin Yazdi

Light will also spearhead industry and company events for the firm, continuing to grow and fortify George Smith Partners’ brand and visibility. 

“Dana’s long established reputation in the industry, coupled with her deep experience in internal research and event management will ensure that we continue to find the best sources of capital and increase our visibility as an extremely reputable firm,” says Yazdi.

Before joining George Smith Partners, Light served in business development and marketing roles with Arixa Capital Management, including organizing large-scale events and implementing grassroots marketing campaigns to create a large following for the firm.

Light, who was first attracted to George Smith Partners’ spotless reputation, says, “George Smith Partners is known throughout the industry for its diligence and uncompromising ethics.  I am thrilled to be a part of this firm’s growth, and to support its ongoing commitment to providing responsible, tailored financing that meets the needs of clients throughout the U.S.”

For more information on this news release, please contact:

Katie Clendening / Miki (Conant) Akil
Brower, Miller & Cole
(949) 955-7940

Hanley Investment Group Completes Sale of Shadow-Anchored Target Shopping Center in Lake Elsinore, CA for $11.6 Million

Oak Grove Crossing Shopping Center, Lake Elsinore, CA, Riverside County, CA

Kevin Fryman

LAKE ELSINORE, CA. -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm represented the buyer and seller in the sale of Oak Grove Crossing, a 22,577-square-foot shopping center shadow-anchored by Target in Riverside County, Calif.

Oak Grove Crossing is located at 18283 &18285 Collier Avenue in the city of Lake Elsinore, Calif. The purchase price was $11,565,200.

Hanley Investment Group Executive Vice President Kevin Fryman represented the seller, a private investment partnership based in Murrieta, Calif.  The buyer, a family trust from Orange, Calif., was represented by Hanley Investment Group Associate Jeff Lefko and Executive Vice President Bill Asher.

Jeff Lefco
he property, which was built in 2006, is located on 2.36 acres and was 100 percent occupied at the time of the sale by 81 percent national and regional credit tenants. 

National and regional credit tenants include McDonald's with a drive-thru, Starbucks, GameStop, GNC, H&R Block, Pacific Dental, Papa John's Pizza, Subway, Supercuts, Verizon and Yogurtland.

Fryman reports that the property enjoys long-term historical occupancy. “Approximately 77 percent of the tenants have been located at the center since it was built in 2006,” Fryman noted. “Since 2012, all of the shop tenants have signed a new lease or extended their lease.”

Fryman added, “The sale also included a stand-alone McDonald’s pad on a long-term ground lease.”

Bill Asher
Target is the second largest discount retailer in the United States (ranked #38 on Fortune 500), according to Asher. 

“This location includes Target’s grocery concept as well as a CVS/pharmacy inside the store, driving ‘daily needs’ traffic to the center,” Asher commented. “Additional traffic draws include Bank of America and Tarbell Realtors, which are located in the shopping center, but were not a part of the sale.”

According to Fryman, Hanley Investment Group was the second brokerage firm to formally list the property. “The buyer was procured through our in-house collaboration to match the seller’s requirements with clients that we knew were active exchange buyers,” Fryman reported. 

“We marketed the property with a potential break-up strategy,” said Fryman. “McDonald’s is separately parceled, which provided a unique opportunity to sell the McDonald’s pad on an individual basis in the future, taking advantage of the historically-low caps demanded by single-tenant buyers.”

For more information on this news release, please contact: